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Wed Nov 25, 2020, 04:15 PM

Anyone know if a Presidential campaign can file for bankruptcy?

13 replies, 884 views

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Reply Anyone know if a Presidential campaign can file for bankruptcy? (Original post)
Thomas Hurt Nov 2020 OP
LiberalFighter Nov 2020 #1
grumpyduck Nov 2020 #2
The Velveteen Ocelot Nov 2020 #3
True Dough Nov 2020 #4
MyOwnPeace Nov 2020 #7
MyOwnPeace Nov 2020 #5
PoliticAverse Nov 2020 #6
MyOwnPeace Nov 2020 #8
ProfessorGAC Nov 2020 #9
royable Nov 2020 #10
keithbvadu2 Nov 2020 #11
SmartVoter22 Nov 2020 #12
marryj Apr 2021 #13

Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:17 PM

1. I would think it would put the kibosher on a 2024 campaign.

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:18 PM

2. With this crew, I'd believe it.

If they do, Rudy should be lead attorney.

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:19 PM

3. I should think so, since they are usually organized as corporations.

But there might be some relevant FEC rules.

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:20 PM

4. They could have filed

for "moral bankruptcy" from Day 1.

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Response to True Dough (Reply #4)

Wed Nov 25, 2020, 04:24 PM

7. THAT.......

is a GREAT response!


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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:22 PM

5. Wow - they've learned from the Master!

Funny somebody should ask now...

El Paso Says Donald Trump Still Owes $569,204 For His February Rally

https://www.espnsa.com/el-paso-says-donald-trump-still-owes-569204-for-his-february-rally/

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:23 PM

6. Moral or financial? n/t

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Response to PoliticAverse (Reply #6)

Wed Nov 25, 2020, 04:26 PM

8. WOW!!!!!

You guys are HOT tonight!!!!!



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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:28 PM

9. According To This, Yes. Sort Of!

This is from Slate in late 2008.
Technically they can, but...

Technically, political committees can declare bankruptcy, but the practice is almost unheard of since defunct campaigns don’t have much in the way of assets. Instead, losing candidates who aren’t running again for political office—and consequently don’t have an easy way to raise much money—may go through a process with the FEC called “debt settlement” (PDF). To do so, a former candidate must agree with creditors on how much he or she will pay back, and the FEC must verify that each creditor extended the debt in the “ordinary course of business” and tried its best to collect. (Unlike outstanding payments to vendors or staff, bank loans typically can’t be forgiven.) If debt settlement fails, the FEC can eventually engage in an “administrative termination” that shuts down the campaign committee and cancels its obligations.

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:29 PM

10. That might be necessary if the fleecing of maggots can't keep up with the ongoing grift. n/t

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:32 PM

11. Just imagine a serious audit for the bankruptcy.

Just imagine a serious audit for the bankruptcy.

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:34 PM

12. No. Political donations are not income.

Any money a candidate raises is seperate from any personal income.
It requires it's own bank accounts and all filings keep political and personal monies seperate.

The only thing a candidate can do is retire, resign or die while having loads of campaign debt.

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